Tractors Market Size Worth USD 115.65 Billion in 2032 | Emergen Research

Increase in tractor sales across the globe and rising demand for organic food products are major factors driving the market revenue growth

Vancouver, Jan. 25, 2024 (GLOBE NEWSWIRE) — The global tractors market size was USD 75.73 Billion in 2022 and is expected to register a revenue CAGR of 4.3% during the forecast period. Increase in tractor sales across the globe and rising demand for organic food products are major factors driving the market revenue growth. According to Tractor & Mechanization Association (TMA) figures, overall domestic tractor volumes increased 13% to 945,311 units in FY23, up from 842,266 units in FY22. According to the sector, the main reason for meeting this high sales target is a rise in Minimum Support Prices (MSP), which has resulted in increased agricultural revenue as well as another year of above-average rainfall.

Organic farming is a strategy that incorporates the use of biological materials rather than manufactured substances in order to maintain soil fertility and ecological balance, hence reducing pollution and waste. When compared to conventional forms of agriculture, organic farming has various environmental benefits, including improved soil fertility, less soil erosion, and lower greenhouse gas emissions. Organic foods help to reduce pesticide-related dietary hazards to human health more than conventional foods.

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Technological advancements in tractors is also a major factor driving revenue growth of the market. Introduction of autonomous and electric tractors is witnessing several technological advancements that are commercially launched by leading market players. For instance, in August 2021, Solectrac, an Ideanomics subsidiary, introduced the all-new e70N electric tractor, a particularly designed, narrow vehicle engineered for simple handling and maneuverability on vineyards and farm activities. The Solectrac e70N (Narrow) electric tractor is a 4WD vehicle with 70 Horsepower (HP) built for major agricultural uses such as farms, vineyards, and orchards. Solectrac’s e70N opens up new opportunities in the market. The 54-inch wide electric tractor has Level 2 charging through 220 VAC or a solar array.

High costs of agricultural tractors is a major factor restraining revenue growth of the tractors market. In the farming industry, machinery and equipment are substantial expenditures. Larger machines, new technology, greater prices for parts and new machinery, and increasing energy prices have all contributed to recent increases in machinery and power expenses. However, factors such as shape, size, usability, technology, and others affect tractor prices. The price tags therefore range from USD 10,000 to USD 600,000.

Segment Insights

Horsepower Insights:

On the basis of horsepower, the global tractors market is segmented into less than 40 HP, 40-100 HP, and more than 100 HP. The less than 40 HP segment accounted for largest revenue share in the global tractors market in 2022. Tractors with less than 40 horsepower are frequently referred to as compact tractors. Smaller tractors are highly versatile and can be used in a wide range of applications. These tractors come at a lower price compared to high range tractor models and are often easier to operate, especially for those who have limited experience. The lightweight and compactness of these tractors makes them portable and easier to transport. The availability of various commercial tractors of less than 40 HP by market leaders is also driving revenue growth of this segment. For instance, in May 2021, Kubota announced its new LX Series, a line of multi-purpose compact tractors that can handle everything from snow removal and lawn mowing to material handling and soil preparation, among other things.

Drive Type Insights:

On the basis of drive type, the global tractors market is segmented into two-wheel drive and four-wheel drive/all-wheel drive. The two-wheel drive segment accounted for largest revenue share in 2022. 2-Wheel drive tractors are commonly utilized in dry farming settings as well as for field farming transportation. It is driven by a self-powered single axle and can readily carry a variety of associated farming instruments such as trailers, cultivators, seeders, and harvesters. These tractors can tow a variety of agricultural instruments, including rotary tillers, moldboard ploughs, disc ploughs, rotary tillers, seeders, and transplanters. It typically has a power range of 5 to 200 hp and places the majority of its weight on back axle for enhanced traction. The main advantage of having a 2-wheel drive tractor is the short turning cycle, convenience of design, and low buying price for farmers.

The four-wheel drive/all-wheel drive segment accounted for a significantly large revenue share in 2022. The 4 wheel drive tractor is a sturdy and ruggedly designed tractor vehicle that is perfect for its dynamic movement of all four wheels and delivers increased tractors with a massive pulling capability of a wide variety of mounted implements.

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Regional Insights:

The tractors market in Asia Pacific is expected to account for largest revenue over the forecast period. The region’s dominance is owing to increase in organic food products and increase in number of government-funded policies. The market in India accounted for the largest revenue share in 2022. This is primarily attributable to increase in construction activities and increase in tractor sales.

 Furthermore, the government policies for manufacturing or buying of trucks is also driving revenue growth of the market in this region. For instance, the Indian government has announced PM Kisan Tractor Scheme 2023. This scheme provides qualifying farmers with a 20% to 50% subsidy to purchase tractors. The initiative is already being implemented at state level in numerous states across the country, including Maharashtra, Madhya Pradesh, Assam, and Bihar.

The tractors market in North America is expected to register a steady revenue growth rate over the forecast period. Rising demand for advanced tractors, and demand for end-use industries such as construction, forestry is driving revenue growth of the market in this region. Manufacturing, mining, and a variety of other businesses rely heavily on construction. Increasing urbanization, population, and government funding for bridge and road development are major factors driving market revenue growth.

The market in the U.S. accounted for largest revenue share in 2022 owing to rising demand for agriculture and presence of key players operating in this region. According to the U.S. Department of Agriculture, agriculture, food, and associated industries contributed around USD 1.26 trillion to U.S. Gross Domestic Product (GDP) in 2021.

Scope of Research

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Major Companies and Competitive Landscape

The global tractors market is fragmented, with many medium and large-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing new tractors. Some major players included in the global tractors market report are:

• Deere & Company
• Kubota Corporation
• Mahindra Tractors
• CNH Industrial N.V.
• Escorts Kubota Limited
• Tractors and Farm Equipment Limited
• Yanmar Holdings Co., Ltd
• Kuhn SAS
• SDF S.p.A.
• CLAAS KGaA mbH
• Dongfeng Motor Company
• Arbos Group

Strategic Development

• In July 2022, The Hinduja Group’s flagship Ashok Leyland announced the debut of two tractors in the domestic market. In the tractor market, the commercial vehicle manufacturer announced the introduction of the AVTR 4220 with 41.5T GCW and the AVTR 4420 with 43.5T GCW. Ashok Leyland becomes the first Indian company to offer tractors with 41.5T GCW and 43.5T GCW in two-axle configuration with this launch.
• In August 2021, Bear Flag Robotics has been acquired by Deere & Company for USD 250 million in a formal agreement. The agreement accelerates the development and delivery of farm automation and autonomy, and it supports John Deere’s long-term objective of developing smarter equipment with advanced technology to meet the demands of individual customers.

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For the purpose of this report, Emergen Research has segmented the global tractors market on the basis of horsepower, drive type, operation, application, and region:

• Horsepower Outlook (Revenue, USD Billion; 2019-2032)
  • Less than 40 HP
  • 40-100 HP
  • Above 100 HP
• Drive Type Outlook (Revenue, USD Billion; 2019-2032)
  • Two-wheel Drive
  • Four-wheel Drive/All-wheel Drive
• Operation Outlook (Revenue, USD Billion; 2019-2032)
  • Electric Tractors
  • Diesel Tractors
  • Hybrid Tractors
• Application Outlook (Revenue, USD Billion; 2019-2032)
  • Agriculture

• • • • Tillage
      • Seed Sowing
      • Harvesting
      • Others

• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
• • Construction
  • Forestry
  • Mining
  • Logistics
  • Others

• • • • U.S.
      • Canada
      • Mexico

• • Europe

• • • • Germany
      • France
      • U.K.
      • Italy
      • Spain
      • Benelux
      • Rest of Europe

• • Asia Pacific

• • • • China
      • India
      • Japan
      • South Korea
      • Rest of APAC

• • Latin America

• • • • Brazil
      • Rest of LATAM

• • Middle East & Africa

• • • • Saudi Arabia
      • UAE
      • South Africa
      • Turkey
      • Rest of MEA

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